Forgive me if this question has already been asked, but I'm trying to get my head around when MTD for Income Tax is going to impact on each of my individual clients.
It states on HMRC's webpages that :
'Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for MTD for Income Tax from their next accounting period starting on or after 6 April 2023'.
If a business prepares its annual accounts to 31 March am I correct to understand from this that the business' first compulsory MTD Income Tax submission will be for the quarter 1 April 2024 to 30 June 2024, but if the business prepares its annual accounts to 5 April its first compulsory MTD Income Tax submission will be for the quarter 6 April 2023 to 5 July 2023 ( a year earlier ) ?
So, unlike MTD for VAT which became compulsory for all businesses around much the same date, and didn't necessarily start with the first VAT quarter of the business' financial year, am I correct to understand that MTD for Income Tax submissions will only begin from the first quarter of each business' financial year ?